News | 10.08.19
FINRA Advances Proposal to Allow Brokers to Expunge Their Records
FINRA's board of directors advanced for public comment a proposal to allow brokers to clear their record of customer disputes, as well as a proposal to reign in the ability of brokers to become the beneficiary or executor of a customer's will. The expungement proposal would amend arbitration rules to create a roster of arbitrators who have special training or expertise to adjudicate expungement cases. A three-person panel selected from the list would handle all requests related to settled cases, as well as those requested separately by a broker. Proponents of expungement say that it clears the records of brokers who are unfairly accused of wrongdoing. Critics say that it alters a broker's profile to hide disciplinary problems.
Read the full article on Financial Advisor